VEDA approves $20 million in financing
STAFF REPORT | July 09,2012
MONTPELIER — The Vermont Economic Development Authority has approved $19.8 million in financing for a number of projects around the state including:
Green Mountain College, Poultney — Final approval for the reissuance of up to $14.6 million in tax-exempt revenue bonds associated with capital improvements made several years ago. The college made infrastructure investments including a biomass (wood chip) heating system, renovations to Sage Hall, and improvements to the electrical distribution system.
Leo D. Bernstein & Sons Inc., Shaftsbury — VEDA approved a small business loan, in conjunction with TD Bank, to help the company fulfill a large national purchase order. Bernstein manufactures and supplies clothing mannequins to large department stores. The company relocated its production facility to Shaftsbury in 2005. Based in New York City, the company has 132 employees, with 55 based in Vermont.
Bristol Works LLC, Bristol — Financing of $350,000 was approved through VEDA’s small business loan program to help renovate the former 38,800-square-foot Autumn Harp facility. The building will be retrofitted and leased to tenants in the sectors of health, wellness, recreation, value-added agriculture, and green energy manufacturing.
Total project costs are expected to be $1.7 million, with financing also provided by National Bank of Middlebury.
Revision Ballistics LTD., Newport — Financing of $1.16 million to help newly established Revision Ballistics keep 45 jobs in Newport. The financing supported Revision Ballistics’ purchase of inventory, machinery and equipment of MSA’s Newport manufacturing plant. Revision will continue to manufacture advanced combat helmets for the U.S. Army and other military customers.
This acquisition will launch the diversification of Revision’s existing military product lines. Revision Ballistics is a wholly-owned subsidiary of Revision Military LTD of Essex Junction.
Within three years, the company hopes to increase its Vermont workforce from 150 to 200.
Tivoly Inc., Derby Line — Financing of $332,320 was approved to help Tivoly undertake various capital projects. Community National Bank will provide additional financing for the $830,800 project. Planned expenditures include replacement and purchase of machinery and equipment, and facility and equipment repair.
The company is a subsidiary of Tivoly S.A., a French manufacturer of cutting tools. The company employs more than 160 people in the Northeast Kingdom.
VEDA also approved $2.8 million to farmers through the agricultural loan program and $160,000 in loans to assist small businesses that are unable to access adequate sources of conventional financing.